When former Chinese President Hu Jintao (Jintao) visited the headquarters of China’s payment processing giant China UnionPay (CUP) in 2010, a plaque honoring him was installed there. Inscribed on it was a quote from President Jintao advising the company to “step up the effort to internationalize and strive to build UnionPay into a major global brand for bankcards.” Fast forward to 2017 – CUP had fulfilled President Jintao’s dream of global dominance. UnionPay International (UPI), the global subsidiary of CUP, had become the largest payment card network in the world, surpassing its international competitors such as Visa , Mastercard , and American Express in terms of market share, according to a report by the market research firm Packaged Facts. In 2016, UPI accounted for 54.93% of global payment card brands in circulation – up 53.41% from 2015 – followed by Visa with 27.68%, and Mastercard with 14.97%. Industry observers said that UPI’s ambitious approach to building partnerships worldwide had helped it become the largest payment card network in the world. According to David Morris, a consultant at Packaged Facts, “CUP has aggressively forged partnerships with bank card issuers and processors across the globe, and buoyed by network reciprocity agreements, its cards are accepted at more than 37 million merchants, putting its brand acceptance on par with Visa and MasterCard.”.

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